Wall Street Techs Predict Market Upswing

10/10/2011 1:58PM

Wall Street technical analysts, who track market movements through complex algorithms and programs, are confident that based on recent data, the U.S. market recently reached a bottom and is poised to head upward. Jonathan Cheng discusses on Markets Hub.

This transcript has been automatically generated and may not be 100% accurate.

go ... all ... Hindenburg omen ... last year when we but now ... they're looking at things going on to cinching ... he tells about Washington a stoppage a big story in The Wall Street Journal today just when you when ... you are right now on I was in heaven for five years so I do bring the southern Chinese accents with this ... that have yet it's un ... and even Union NHRA as much as possible yen into one syllable the ... new and used ... the Chinese with this one so I'd ... Committee and a ... this is a ... unit that ... what's hot what's going on here right now on he did a story in the service ... you can visit the chart dough watches here ... when we look at ... his ranch but most of the time without a fundamental stop houses to look at how stocks are valued and macroeconomic masses want to ... be cut to the chart people a lot and suddenly we what we've been hearing is actually that's that things are looking up usually we hear from them more often when ... they have some bad protection and everyone thinks things are going well ... aam bots that ... this time around they're looking at what happened last week and those of the teaching history but on Tuesday we have this funny ... the reversal in the day when one of the stock market is going down for a lot of the baby thought to be a market entry than just ... building intraday ... and then at about three twenty in the afternoon and just turned around for forty minutes it was the ... vertical why I mean we seen these before these ... they call them the Turnaround Tuesday in his firm's work we see is what this would be different ... right and that's the funny thing is that that ... I don't know that I saw the piano but ... more more people are talking about my inbox ... and then we got all sorts of notes people saying ... that to the most important day of the year ... and I think what they see here is is simply ... a lot of the selling has happened to the home has ... really taken a lot of often is not a lot to me that I can happen before ... what's up ... but the was something about them was a follow through on Wednesday and was halted on Thursday and that ... goes with the things that were encouraging and so on his ... Southern politics is the reason is most of ... you could argue that ... we're just bouncing off the bottom of the trading range that but you can also argue that perhaps of ... by the end of of of of the day you look at all these hearings in your wake them up when the article ... it sounds ... like ... an eagle on the market closely it it sounds crazy ... and ... if you're an investor ... especially someone who can have two weeks of the market ... to some fundamental analysis you can say well I understand from ... economic did understand clinical development site can determine whether there was a Versus and was the right or wrong ... in the sun so it's really hard to know it and what greater accuracy for these ... well the problem is that technical analysis ... analysts are ... actually just like every other analysts on the street there's always an asterisk attached to what they say ... that in this case they're saying the lows may be inconvenient but ... not blindly looking at charts I mean they understand what's going on euro but they understand that we have an economic ... recession been something that looks maybe like recession and or salmon all these risks are out there ... and done and so there's a little bit of of of of of of an asterisk a man ... of ... God ... by the ISU on each of the new state of the day we begin this trading range for couple of months now we have been ... looking at now is what they call an upside breakout ... you pretty optimistic that we're going to see ... bright and ands that I get ... they don't claim to have to financial powers of what the selling to new and NDP's ... Aisha so not that it's not really for investors I mean if you're a long-term investor this is not the sort of thing yet De one even intention to ... but if you are ... treating it to move in and assault every day or the other day or so wanted men watching the market by the next ... this is actually really went in and you can see ... how they're able to come in and out of these using a lot of the technical patterns and ... see the rest of the retail investor takes into company see your story and says you know a number of these technical price chart I say that we made the bonds that then becomes part of a homage ... to the type of unity themselves to do with the bin Sultan all the more social game with our demo to stay writes Jon injectingthree